The nakfa (ISO 4217 code: ERN; Tigrinya: ናቕፋnaḳfa, or Arabic: ناكفا or نقفة nākfā) is the currency of Eritrea and was introduced on 15 November 1997 to replace the Ethiopian birr at par. The currency takes its name from the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents.
The nakfa is pegged to the US dollar at a fixed rate of US$1 = ERN 15. At earlier times,[when?] it was officially pegged at US$1 = ERN 13.50. The currency is not fully convertible, so black market rates available on the streets typically offered a rate of 15 nakfas per dollar.[2][needs update]
Between 18 November and 31 December 2015, the Bank of Eritrea began replacement of all nakfa banknotes. The banknote replacement initiative was designed to combat counterfeiting, the informal economy but primarily Sudanese human traffickers who had accepted payments in nakfa banknotes in exchange for transporting would-be migrants primarily to Europe. A consequence of this was substantial amounts of the country's currency existed in vast hoards outside of Eritrea.
The plan to replace the country's currency was top secret and designed to prevent human traffickers bringing their funds back in time to exchange for the new banknotes.[3] On 1 January 2016 the old nakfa banknotes ceased being recognized as legal tender, rendering external stockpiles of currency worthless.[4]
The current series of banknotes is the artwork of an Afro-American banknote designer, Clarence Holbert,[5] and printed by German currency printer Giesecke & Devrient.[6]
^Inflation rate, average consumer prices, IMF, April 2017, retrieved 9 October 2017
^A Broke Nation(PDF), Université Cheikh Anta Diop de Dakar, 2004, archived from the original (PDF) on 22 October 2016, retrieved 22 October 2016
^Eritrea won't shorten national service despite migration fears, Sallina News, 2016, retrieved 22 October 2016
^Meet the New Eritrea Nakfa Bank Notes, Tesfa News, 2015, retrieved 22 October 2016
^Designing Eritrea's Money was 'Dream Come True', Tesfa News, 2015, retrieved 22 October 2016
^Currency and exchange facilities, Eritrea Be, 2015, retrieved 22 October 2016
the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents. The nakfa is pegged...
Nakfa may refer to: the currency of Eritrea, see Eritreannakfa a town in Eritrea, see Nakfa, Eritrea a district in Eritrea, see Nakfa District This disambiguation...
The Eritrean War of Independence was a war for independence which Eritrean independence fighters waged against successive Ethiopian governments from 1...
Ethiopia annulled the Eritrean parliament and formally annexed Eritrea. The Eritrean secessionist movement organised the Eritrean Liberation Front in 1961...
Banking in Eritrea Central banks and currencies of Africa Economy of EritreaEritreannakfa, the unit of currency List of central banks Banks portal Weidner...
is the Eritreannakfa (ERN), introduced in November 1997. In early 2005, likely in an effort to increase foreign capital reserves, the Eritrean government...
state of Eritrea has been Isaias Afwerki. The president is also the head of government of Eritrea, as well as commander-in-chief of the Eritrean Defence...
The siege of Nakfa took place in 1977 in and around the town of Nakfa in western Eritrea. It was laid to siege by the Eritrean People's Liberation Front...
official currency of Eritrea'sNakfa coins issued in 1997 featured six native animals; on the reverse the coins showed a group of Eritrean People's Liberation...
seeking asylum, the Eritrean government began requiring athletes to pay a 100,000 nakfa surety before traveling abroad. Eritrea returned to the 2009...
Djiboutian franc U.S. dollar 177.721 East Caribbean dollar U.S. dollar 2.70 Eritreannakfa U.S. dollar 15 Falkland Islands pound Pound sterling 1 Faroese króna...
(Eritrean bright future movement) Dawit Girmay Global Yiakl Movement Eritrean Renaissance Party for Justice (ERPJ), Dr. Mohammed Birhan Idris Eritrean...
Equatorial Guinea Central African CFA franc Fr XAF Centime 100 EritreaEritreannakfa Nkf ERN Cent 100 Estonia Euro € EUR Cent 100 Eswatini Swazi lilangeni...
beginning with Eritrea All pages with titles containing Eritrea All pages with titles beginning with Eritrean All pages with titles containing Eritrean Index of...
Eritrea achieved full independence on May 24, 1991. General Union of Eritrean Students General Union of Eritrean Workers General Union of Eritrean Women...
subdivision of the US dollar the symbol ₥ is used (U+20A5 ₥ MILL SIGN) Nfk nakfaEritreannakfa Also Nfa ₦ naira Nigerian naira Also N when ₦ is unavailable U+20A6...
NFK, NFk, or Nfk may refer to: Eritreannakfa, the currency of Eritrea Necip Fazıl Kısakürek (1904-1983), Turkish poet, novelist, playwright, and Islamist...
Congolese franc Rwandan franc East Comorian franc Djiboutian franc Eritreannakfa Ethiopian birr Kenyan shilling Seychellois rupee Somali shilling Somaliland...
Orientale Commercial Bank of Eritrea Elabored Estate Eritrean Investment and Development Bank Eritrean Railway Eritrean Telecommunications Corporation...
Congolese franc Rwandan franc East Comorian franc Djiboutian franc Eritreannakfa Ethiopian birr Kenyan shilling Seychellois rupee Somali shilling Somaliland...
The Nakfa Corporation was one of the first privately owned companies founded in Eritrea. The firm has various interests, including Gejeret Corrugated...
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